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 0/BA Balance sheet 2*42)4K $66=@ '*9>O422949
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 MMM.9/1 


Page 1

1.  0//1 ( B*5/61C%>AB0) 6=@1*9*!1 B/10(

Source of Fund)BA 40 L
2.  0/  ($!() 6=@1*9*!1 80( Uses of Fund)B2!>O
)0*9:2:=/08$!(B20*! /6$!(>!:
3. *96%1 L82*42294921 6%: 1C%>AB0 (=
$!( \ B*5) L8 2*1BA1C%>AB021 L5
62*42294921
------------------------------------------------------------------------------------------------------------------------------------------------2.B*9C%
2*B*9*9)4K!%1 3 !14A
1.BB/10*92*'0'9)*90BA*9*!1 Financing NO9'02*
!%1'4A  *5! /6=^C/ )B/105 2>): 2 !14A
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!='/B/1B/1*5 6:2141!=@*9!2$66=_1KK<*9:21*%1`! 6
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2. %!A2BA1B*5 1%!A2> '1 a BA%!A2
/0 BA*9*!1B0% BB/10B/1*56=@*9!2!12 /6=@
KK<*9*'1`!1 L2*422>8)6B*5: /6 L2*421A9>A2$
BA12* Credit rating *9* O2>B0%: 6)8B4B02K2*2%/41%O5 **
1B*5D4A 1B*52>)8B=6B!`L*: /6=@'0*92*421 $661!
 *5!'2'*9)B15 B*5:212*J(*9621 1$928<**92*):2
O5 '1*!D4A :21162*):BA0 `6 C A9 *5!D!2*2 /6%!A2
62*6!6/*9:>1>BA14A' /6*9)4K*!14A2A92*=^KB B*56=@
 'a8: 1 18$!(4A
2.)*9B2::=/08B=6 !(2*90:2116/08$!(B20*!BA
$!(>D'2

 
 

 MMM.9/1 


Page 2

):=/05 D2>/0 6!65NO9=@/08'/ D62*42*9!

!1 '1C/' D6'9)1BA1):=/086!6! D6):=/08'/0
NO968BC/' *921 '142*9!D621 '1C%bc!*9*6'2*20228
):=/0*9*BA12*422>8 Portfolio )B /0:!1B262
3. B 4(8B2*=6J`$%0 /64 402%/8B 40
 L8B2*42B262 2*/) 42)4K)0:=884(:!12*
=6J`$
eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
3.'>0=64(*9)4K*90 L4A
)8BC%>AB02*422949%0 94A)8B4B02K%0 '1')
:NO942 C '142BA2* Ethic
Ethic B2!>O 2*)O C *9 :21=*! 42:= 1C/'4*92*
40<`$* 2*4*9B262 :21!22
-----------------------------------------------------------------------------------------------------------------------------------------------4.EVA /6 MVA
EVA = Economic Value added
B2!>O $922%/41"LM 8/BO9 6!28=62422>
C% B NO96 NOPAT \ After Tax cost of Capital BAB2! ):)B/`L*B
!'00/
*96)8B EVA 2*41%D4A '2*):) /6'0
05'>%*90
MVA = Market Value added
B2!>O 2%/41$92J0 4A) /2*2%/41$92O5
!11J02A9 5 =n*9/2*2%/41B0'/!%1*9 100 /  '1=^0 *52%/41B0'/
$92O5>O 1000 /  94A2* MVA $92O5 10 1
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)4K4A

 
 

 MMM.9/1 


Page 3

/012*9 1 /012`$4/1 BA422>8)6B*5

/012*9 2 /012=6J`$88$!(
/012*9 3 /012 BB*5
/012*9 4 /012422>8)):
/012*9 5 67$6 P/E Ratio
  &
 -%.4 "(  &
1. &
 -%"9 #
(.  & (Liquidity Ratio)
1.1 .4 "(&&$3..4 "("9 #
(. (Current Ratio)
'10B20*! (Current Ratio) = $!(B20*! (CA) /
B*5B20*! (CL)
- 8 422>8)6B*56!65 BA1`$4/14(
- 42' !92*41%!9*
1 L2*$!(B20*!*9=6 :=!  /%B*5 /64
4B/A21B*56!65
- >2*41'9)1417/*9!0'B2 J*:4A
1.&#&H51
(  8+ 94A$92$!(B20*! NO9$!(
B20*!*9)4K4A
- ): !$92=2<8B2O5 62=/*9!
$!(>*92*!%18B=@ !!BA8B1$!(>*9:21:)=6 !(
- /%B*5 ): !!48B2O5 $6!42O518D6
=@$92/%B*548B2O5
- 44B/A ): !$9244B/A C/'8B2O5 '1D 4
4B/A*92:=D6:212*D6=@'02 6:=6 Ratio 'A9
2."(514  I
3. +"-$-"+(BAB*5B20*!) NO9B*5
B20*!B2!>OB*5*92*)B)6`!86!6/ 1 =nNO9*9)4K2**5
1.  K*J4 ( Bank Overdraft )
2.%!A26!65>  ( Short-term Loans from Financial Institutes)
3.B*54 ( Accounts Payable )
B/)4KD4A 'BB/1B*56!6!2B*56!65

 
 

 MMM.9/1 


Page 4

1.2 .4 "(&$&I (Quick Ratio or Acid Test Ratio)

'10B20*!D (Quick Ratio) = ($!(B20*! \ 44B/A)
B*5B20*!
=@ 1$!(*9:B4144B/A *9=@$!(6!65/62*
424/1'8=/*9!=@:'9)0  $A98B >O`$4/1*9
: !=''1
42'4A 2*41!9%!9*
:=^KB8<*2*41'9)D62>):*5
1.&#&H51
(  8+ 94A$92$!(B20*! NO9$!(B20*!*9
)4K4A
- ): !$92=2<8B2O5 62=/*9!
$!(>*92*!%18B=@ !!BA8B1$!(>*9:21:)=6 !(
- /%B*5 ): !!48B2O5 $6!42O518D6
=@$92/%B*548B2O5
- 44B/A6'2*8B!*901*96!: $61>2*44B/A
!6 D6)8B'1B20D2*41// ): !!8B2O5 /C/'/ '1D 4
4B/A*9!:=D6)8B 4/481/%4D: $67656'2*42
B2628D
2."(514  I
3. +"-$-"+(3.+"&$) NO9B*5
B20*!B2!>OB*5*92*)B)6`!86!6/ 1 =nNO9*9)4K2**5
1.  K*J4 ( Bank Overdraft )
2.%!A26!65>  ( Short-term Loans from Financial Institutes)
3.B*54 ( Accounts Payable )
B/)4KD4A 'BB/1B*56!6!2B*56!65
2. &
 -%.4 "(P-"9 #5 51"#$%
2.1 'B20*!44B/A (Inventory Turnover)
'B20*!44B/A (Inventory Turnover) = '04! (COGS)
44B/A7/*9! (Avg. Inventory)
42'4A !92*41%!9* $691 B44B/A):*/62>
):==/*9!=@:D

 
 

 MMM.9/1 


Page 5

46>!()B28B=@) NO9%'D4A
365
Inventory Turnover
>)B=@)28B9*9'4A !9!!9* $6765/)
'$<8B*64
)B =^KB8<**9'12*417/*9!'9)10'B24A
1.&#&H51
(  8+ 94A$92'04!8B2O5 42B2!'*5D4A 
!48B2O59 $6!9!4:2O51: '08!4D6$922O5
15
2."(514  I
3.
)8B44B/A'9)*90 $644B/A7/*9!B2!>O 44B/A=/!
 B!44B/A' B! $765B/1! aD4A !8BB2 2*
44B/A'9)*90
2.2 -$-& 2&7$5 &$&I
+ ( DSO,Day sale outstanding)
6!6/>7/*9!8*!D =
/%B*54
!!'1=n/365
68BBD>O6!6/8*!D B*515BA! $A98B >O40<`$/%B*5
=6J`$8*!D B*5 /6 ! !88BA9J0
42' !9'9)!9*
:=^KB 2A9 2*417/*9!%10'B2   ! !88B4'4
1/%4 6'2*8BC/=6 !(1/%4*92*)6B*5:'/ /6$922'BA
/ L =@5' /%B*5*92*)6B*5/1BA *5!B*5
2.3 .4  ."#$%2 ( Fix asset turnover ratio)
= $. $
"#$%2 "
68BBD>O=6J`$8=/*9!$!(>'1 a 1*9 4'1 a
4A9 '1 a8B=@4BA!!:28B
9*9'4A !9%!9*
:=^KB2A9417/*9!'9)10'B24A
1.&#&H51
(  8+ 94A)8B$!(>=/*9!=@!!2O5 4AC/'8B
2O5'D2=6J`$ /62A9C/':2O5D'!8B2O5

 
 

 MMM.9/1 


Page 6

2."(514 
94A$</1$!(>0J/ 42B2!D4A1 $!(`
'8B*92*2:=D'):=$<8=6 !($A98B!:O52 1!BA8B1
2.4 .4  ."#$%+"( Total asset turnover ratio)
= $. $
"#$%2 "
68BBD>O=6J`$8=/*9!$!(*92*!%15B2 1 *9 4
'1 a 4A9 '1 aBA $!(A9 a1 /%B*54 $!( =@'8B=@
4BA!!:28B
9*9'4A !9%!9*
:=^KB2A9417/*9!'9)10'B24A
1.&#&H51
(  8+ 94A)8B$!(>=/*9!=@!!2O5 4AC/'8B
2O5'D2=6J`$ /62A9C/':2O5D'!8B2O5
2."(514 
94A$</1$!(5B2/BA1 B$!(*92*!%1
5B28B2*=6J`$%0
3..4 "(5 
 +"
3.1 .4 "( .+" ( Debt ratio)
=
+"+"
"#$%+"
68BBD>O 1B*5*92*!%1*!  $!(5B2*92*!%1 $62*
B*5 68BBD>O`6'00
42'4A 8B2*417/*9!$ a 0'B2 $6%:=D:21* '9):=D:21* $662*C/
'1422949
:=^KB 8<**92*B*5%:= 4A 6'/B*5/ NO962*8 ! !
=/B*5=@0 =@'
3.2 Time Interest earn ( TIE)
=
EBIT
.&
+$( $
68BBD>O422>81!B*5
42' 4A !9%!9*

 
 

 MMM.9/1 


Page 7

=^KB>2*417/*9!'9)10'B2 4A $92!! /'08

) 6)8B)2NO941 EBIT *9% /6 / *5!1! 4ABB/10*92*' *5!
'9)12 0*92*' *5!% 1B0%=/`$=@'
4.
 "  25   ' (Profitability Ratio)
4.1 .4  '"
=  '""(&Pc ./0123.1" 6
$. $
68BBD>O 422>8)): L
42' !9%!9*
:=^KB 2A9417/*9!'9)1417/*9!0'B2D4A )8B):
%0 $6765 )8B):%0D4A6'/'0/8B'9)*90
4.2 Basic Earning Power
=
EBIT
"#$%+"+
68BBD>O=6J`$8)): )
*!  $!(*92*!%1 !6:214)O'0
42' !9%!9*
:=^KB 2A9417/*9!'9)1417/*9!0'B2D4A )8B):%0
$6765 )8B):%0D4A6'/'0/8B'9)*90/68$!(*92*!%18B
=6J`$%*90
4.3 .4 /4.
, "#$% ( ROA)
=  '""(&Pc ./0123.1" 6
"#$%+"
>O'):0J*!  $!(*92*!%155
42' !9%!9*
:=^KB 2A9417/*9!'9)1417/*9!0'B2D4A )8B):%0
$6765 )8B):%0D4A6'/'0/8B'9)*90/68$!(*92*!%18B
=6J`$%*90 2>OBB/10*92*'0'9)*90!

 
 

 MMM.9/1 


Page 8

4.4 .4 /4.
, "( .&1 .( ROE)

=  '""(&Pc ./0123.1" 6
"( ./0123.1" 6
>O'):0J*!  $!(*92*!%155
42' !9%!9*
:=^KB 2A9417/*9!'9)1417/*9!0'B2D4A )8B):%0
$6765 )8B):%0D4A6'/'0/8B'9)*90/68$!(*92*!%18B
=6J`$%*90 2>OBB/10*92*'0'9)*90!/6/181
/$6765B0 !1B*562*42B26221$920
5..4 "(P-&e$
5.1 Price/Earning ratio
= 
4 4(.1
 '"4(.1
68BBD>O1 =6J`$B02K 1422>8)):'1B0
418B ! 41*5>2*41'9):= B2!421 4*9B0!'9):= $67654*9
6'%14'/$6765/068B428 '1>%:= 6/!=@1=@*92*=^w
4$A9D):
-------------------------------------------------------------------------------------------------------------------------------6. '/*9)4K
1. '/ ( Money Market) =@'/*92*NA5!B/$!(*92*!0:21 1 =n 1 '
4/
2. '/0 ( Capital Market) =@'/*9NA5!B/$!(*92*!0 1 =n 1B02K B0%
$J 'M /
3. '/ (Primary market ) =@'/*92*42)4K'1J0=@!12 $6=@'/*9
2*620 !'B2!>O)B0!45 $A9)0*9::=
 
4. '/ ( Secondary market) =@'/*92*NA5!B/$!(=/*9!2A '/*561!
$92`$4/18B 6 '1=^0 '/*5=@'/*988B=6 !(8)
):21 %=*9

 
 

 MMM.9/1 


Page 9

> 6=@B/1)B 4/A9!!0*9)4K

-------------------------------------------------------------------------------------------------------------------------7.=^!*92*C/'1'00
'00 =6 !14A
B*5 62*'004A' *5!
 62*'0=@=^C//6):10
)B =^!*962*C/'1'00*9%BA'9)O5
- 42*! *96:  *5!/6'4AO5 4''5
- 'y_*94<(16O584'
- 0=1! a*!1D4A O5 Demand /6 Supply !
--------------------------------------------------------------------------------------------------------------------------------

 
 

 MMM.9/1 


Page 10

8. 4(=6  *5!*9)4K

' *5! ( Kd) = ' *5!*9:212*42*9!( Krf) + 'y_*94<(( IP) +1
!42*9!*96O5( DRP) + 1!42*9!`$4/1*9B!:=( LP) + 1
!42*9!6!6/:>1>( MRP)
-------------------------------------------------------------------------------------------------------------------------------9.Yield Curve
B2!>O'C/' $!(*9/01 $J ' NO962*/L<6B2A%=

62* 3 /L<64A
>=@/L<6=' 4A 6$92O5'26!6/*94 )B:>1> $66!6/
262*42*9!2 6)8B' *5!% 6*!1 Upward sloping
>:21='D6=@ Downward Sloping 6O51'
10. 42*9!/6'C/' 
A9*5 !(64 '8B/ 42*9!/'C/' 12*422$J(
!1:64
42*9!B2!>O 42:211B'0<(*96O584' NO9=@B'0<(*9:21$O
=> !11 42:21116:'C/' '2*94B:BA:21 BA142*9!*9
6:21: '4A
42*9!2* 2 =6`4A
1. 42*9!*9=@$!($*!'*! =@42*9!7$6'$!(5 a
!1142*9!6*9416: /08$!('*!
2. 42*9!$!(/012 =@42*9!*96$!(5/012*92*2
2

 
 

 MMM.9/1 


Page 11

!B/42*9!*9$!(/01262*42*9!!1 42*9!
$!('*!
-C/' /0 B2!>O )*9: /0B!/0*9/0:=
-'C/' /0 >$0C/' /0:212>*96):==*! *! :
$6:21=@412'M $6765')=@412'M!4 'C/' 
/094A
):*9:/0
)*9/0
NO9642=@B1! %
- -3.'(-#  
1. 'C/' *9416:
Khat =  
Pi = BAB'0<(*96: 'C/' 5
Ki = 'C/' B'0<(5a
2.42*9!7$6B/$!(5 ( Standard Deviation)

3. 42*9!'1'C/'  ( Co efficiency of Variation), CV

6B
CV =
K hat

 
 

 MMM.9/1 


Page 12

$6765B/8$</062*B/'1:=*5

   3  CV

-P6 "
6&$

 &"$
3.
21 
 &"$ -41.'1
/4.
, 1$ 28- 51 & 8+
-.4 /4.
, ("#$%

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3. 5"#$% $4
3.( (" 
 e$ "
6
65 &3."#$%5(-41.&3.
#$%
( "P-"%
 "#%( r),

4 1 
-
 &"$.$0("..$( 
3.
- 42*9!*9B/*/*9!: BA*!142*9!*9:21=@6 ()
=@42*9!*94 402:/6B/*/*9!: 16!/0 /A/08
$!(*92*42294
-42*9!*9B/*/*9!:21:BA*!142*9!*9=@6
=@42*9!*9:212>4 402: /6:21:266!/0/D'2
142*9!=^KB"LM 42*9!=^KB42 42*9!*56!41 Beta ()
-CAPM Model

 
 

 MMM.9/1 


Page 13

2 CAPM 6=@')B4B/$!($6>O'C/' /642

*9!
- Beta 4A 4142 Plot y !=@$/'6B1'
C/' B/$!(8*'*!  'C/' B/$!(
8*'
!'56=@ 'C/' B/$!(8*'( Ki) 
6=@'C/' '/8*'( Km)
Beta = KI/Km

-
 "#%-( 
 &"$&Pc-


.4 /4.
, -,"50P j . SML(
Security Market Line)
=@ $/'y8'5 6=@'C/' *94B/66=@ 42
*9!*9=@6 BA Beta
NO9 2
Ki
= Krf + ( Km \ Krf) Bi

 
 

 MMM.9/1 


Page 14

Ki = 'C/' *94B
Krf = 'C/' *9:212*42*9!
Km = 'C/' '/
Beta = 42*9!B/$!(5 a
!11)B1
B/$!( A 2*42*9!*9 1 2* Krf = 8% /62* Km = 10 % *!y SML
NO9 *941 Beta = 1.2
Ki = 8% + ( 10 \ 8)x1
= 8% + 2%
= 12 %
6:y*5

2A9'y_2O5  SML 6 Shif :=N!

>42*9!'/2*2 SML 6215*941 Beta 6 *!
-------------------------------------------------------------------------------------------------------------------------------11.B/)4K$J '
- $J '4A 'B*56!6!NO9C%(% C%$J ') NO92*KK161!)64A'/6
 *5!'26!6/*9)B
- /L<6)4K$J '6=6 !
- 4$( 6': $J ' 6=@84'*961!4A8BB*52A94
)B
- !0:>1> 6=@6!6/*96:>1>62*6!6/ 5 =n 10 =n BA 20 =n /'1
)B

 
 

 MMM.9/1 


Page 15

- ' *5! 6=@' *5!61!8B'1*9)B

- $J '
>
- ' *5!$J '1 ' *5!'/ 6!$J ':
1 4$(:*9': $J '
- ' *!$J ''9)1' *5!'/ 6!$J ':
4'9)14$(6*!1 Discount Bond
- ' *5!$J '%1' *5!'/ 6!$J ':4%
14$(6*!1 Premium Bond
-42*9!$J '2*!%1 2 !1

 
 

 MMM.9/1 


Page 16

-'C/' '1a$J '

YTM = Yield to Maturity
B2!>O 'C/' *9>A:4 )B
YTC = Yield to Call
B2!>O 'C/' *9>A:>O)B:>1>
Current Yield = 'C/' =^0 
B2!>O 'C/' =^0  *9B:  *5!=^0  B!4
=^0 
------------------------------------------------------------------------------------------------------------------------------12. Gordon Model
=@2*9)4K*968J !4B0
4B0 ( P0 ) =

=^C/*961!=nB( D1)

'00( Ks) \ ' '=^C/ (g)

-----------------------------------------------------------------------------------------------------------------------------13. '00
6$<8%= '00>7/*9!>15)B ( WACC = Weighted average coat of
Capital)
WACC 68=@'02'M*988=*! *! 1 6/0:BA:21 $6 4
8aD'2 6/0: D'2*'C/'  *921 WACC
NO9
WACC = WdKd(1-t) + WsKs + KpKp
WACC = 62*1)4K/6:=*9!80aA9a
------------------------------------------------------------------------------------------------------------------------------14. /0
L*)4K*98$<8'8/06$<!L*'1:=*5
1. Pay Back Period
B2!>O$<16!6/84A0 !='6$</0D'12A9
2*6!6/84A0*9'9)*90
'1*!*91 ) PB 24$< 4A:212*4>O2%/41'2/

 
 

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2. DPB( Discount Pay Back Period)

6!6/4A !4>O2%/41=^0  62**1 PB '*91 8=62<6
 8'1/6=n 64>O2%/41'2/5! '1D:21=@*9: 42!22
$6:212>6 0=@':
3. NPV ( Net present Value)
=@'*9: 42!22*90 $62> 2=@'/:/!)*9
/0:= /6)*9=62<*96: 5:4)O>O2%/41'2/
*! !/ NO9 46/0D'12A9 2* NPV =@ 
4. IRR ( Internal Rate of Return)
=@*'BO9*9: 42!2:21$ NPV NO9B IRR B2!>OB'1/(
Discount rate )*9)8BC/22%/41=^0 684'1 /0
92NO96$</02A9 IRR > WACC
5. MIRR( Multiple IRR)
*! IRR 8BO9D4A 8 4BO9 a62* IRR :B/!41 O:2*:
01 IRR ! MIRR
NO9B/D4A
MIRR 64)<B Terminal Value /B'1/*9)8B TV 2*411 /0
92'
-------------------------------------------------------------------------------------------------------------------------------15. 40*9B262
'2*9 D4A WACC = WdKd(1-T) + WsKs+WpKp
$6765 40*9B262D4A 40*9)8B4(2* WACC
'9)0$6*9 WACC '9)*906)8B2%/41B02K%0 :/1:=/1 1B*52**!1:
12**!1:
-04020( Breakeven Point) 4A0*94(:210BA): =6 !($A988
CJ0
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16. L* 40 M&M

NO9220'M M&M
-)B  M&M !220' 2 4A:212*`L* 4A) *5!:=B=@4181!1 4)<
`L*: O)8B=6B!`L*
>=@1*5 4B0B*5 100 % 9B2!>O1 B*5$92O56)8B
4B0$92O5
-!220'M 3 :212*'0/2/6/! NO98= ' =@:=:21: >2*B*5% D6)8B
42=@:=:8/2/6/!%:=!
$6765>B*5%O5:=86 BO96)8B4B0//A942*9!'1
/2/6/!$922O5
------------------------------------------------------------------------------------------------------------------------------17.L*=^C/*9)4K
1. Dividend Irrelevance
- C%/0:218161!=^C/1:
2. Bird in Hand
- C%/0 '1!=^C/*9%
3. Tax Preference
- C%/0 '=^C/'9)'1 ):10
-----------------------------------------------------------------------------------------------------------------------------18.$!(B20*!
B/)4K4A 8B2*`$4/1/62*422>8)):*9%
6 1=@ 2 14A
1.$!(B20*!5'9) *9J02*:$A9)'2='

 
 

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2. $!(B20*!*9'94A9!!$92O5
NO962*5B2 3 %= 4A
1. Moderate Approach
B2!>O)B$!(*9'8)5'9)86 *9=' 4A62*$!(
B20*!5')!%186 *9=/`!
2. Relative Aggressive Approach
B2!>O$*9 *9!4A6>A$!(B20*!:!1=' $6'):2
*90
3. Conservative Approach
B2!>O$*9  ! a:21 *9! !>A$!(B20*!2*90$A942
=/`!
---------------------------------------------------------------------------------------------------------------------8B04 4*8 64

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